It is being reported that after BP CEO meeting with the President

[theking]

...that BP has agreed to put 20 billion dollars into escrow to be used for payment to those affected by the oil spill.

[Jman]

link????

[theking]

Originally Posted by Jean-Francois

link????

It is being reported by the news media and the President is supposed to speak shortly about the meeting.

[Phoenix]

probably they should put up about 500 billion

cause 20 billion wont even cover the cleanup

[TurboAngel]

Originally Posted by theking

...that BP has agreed to put 20 billion dollars into escrow to be used for payment to those affected by the oil spill.

How are they going to pay all the fish and birds?

[Marcus Aurelius]

LOl @ those who invested into BP recently, thinking they'd bank on it



They will go bankrupt paying out the damages for life.

[theking]

Originally Posted by Marcus Aurelius

LOl @ those who invested into BP recently, thinking they'd bank on it



They will go bankrupt paying out the damages for life.

This is a bigger spill then Exxon's but they didn't go bankrupt and in fact the billions in payouts barely put a dent in them and they did not pay damages for life either. I do not look for BP to go bankrupt.

[theking]

BP pays out apporximately 10 billion dollars per quarter in dividends to its stock holders and even after paying out the dividends the company makes a profit of close to 20 billion per year. So no this spill will not bankrupt them.

[dyna mo]

Originally Posted by theking

This is a bigger spill then Exxon's but they didn't go bankrupt and in fact the billions in payouts barely put a dent in them and they did not pay damages for life either. I do not look for BP to go bankrupt.

didn't exxon only pay about $500 million?

[DateDoc]

So that $20bln (which is an expense and a tax deduction) costs them $13.34bln and they still make money for the year.

[Marcus Aurelius]

Originally Posted by theking

This is a bigger spill then Exxon's but they didn't go bankrupt and in fact the billions in payouts barely put a dent in them and they did not pay damages for life either. I do not look for BP to go bankrupt.

the oil spill is MUCH worse than everyone thinks
the well is constantly gushing out oil and no one knows when and if they will be able to plug it.

some experts say whole Atlantic ocean may be fucked

[Davy]

escrow? Why not pay everybody with paypal while they are at it.

[theking]

Originally Posted by dyna mo

didn't exxon only pay about $500 million?

I should have specified. Between compensatory and punitive damages they paid out almost a billion dollars and with cleanup the whole affair cost them somewhere around 3 billion or so. At that point in time Exxon's annual profit was somewhere around 5 billion per year.

[Amputate Your Head]

Originally Posted by theking

This is a bigger spill then Exxon's but they didn't go bankrupt and in fact the billions in payouts barely put a dent in them and they did not pay damages for life either. I do not look for BP to go bankrupt.

It's a much bigger 'spill' than Exxon's. It's the equivalent of the Exxon Valdez spill every 4 days. BP will go bust by the time this is over.

[dyna mo]

Originally Posted by theking

I should have specified. Between compensatory and punitive damages they paid out almost a billion dollars and with cleanup the whole affair cost them somewhere around 3 billion or so. At that point in time Exxon's annual profit was somewhere around 5 billion per year.

got it, thx.

[Marcus Aurelius]

If BP demands Tax returns to back up damage claims their wont be much to claim.

People like fisherman, Sport Fishing Captains, Bars, Hotels etc are mostly cash businesses that pocket all the cash and only pay taxes on credit card receipts and then load all their personal expenses onto the business to minimize taxes, So all BP has to do is say give me your last 3 years tax returns and we will reimburse you on that basis and the damages go down close to zero.

[Scott McD]

Originally Posted by Amputate Your Head

BP will go bust by the time this is over.

No chance...

[theking]

Originally Posted by Marcus Aurelius

the oil spill is MUCH worse than everyone thinks
the well is constantly gushing out oil and no one knows when and if they will be able to plug it.

some experts say whole Atlantic ocean may be fucked

Hurricans...permitting the two relief wells are supposed to be completed sometime in August and one of the two wells...we are assured...will top the leak. But yes at this point no one knows for sure when it will be stopped...or the real extent of the environmental damage.

[theking]

Originally Posted by Marcus Aurelius

If BP demands Tax returns to back up damage claims their wont be much to claim.

People like fisherman, Sport Fishing Captains, Bars, Hotels etc are mostly cash businesses that pocket all the cash and only pay taxes on credit card receipts and then load all their personal expenses onto the business to minimize taxes, So all BP has to do is say give me your last 3 years tax returns and we will reimburse you on that basis and the damages go down close to zero.

People filing for claims will certainly have to prove their losses and I would assume that tax records will be a requirement as proof of lost income...so those that have short changed the IRS will be fucked.

[woj]

Originally Posted by theking

Hurricans...permitting the two relief wells are supposed to be completed sometime in August and one of the two wells...we are assured...will top the leak. But yes at this point no one knows for sure when it will be stopped...or the real extent of the environmental damage.

plus by mid july they are supposed to have equipment installed to siphon off 90+% of the leak...

[_Richard_]

Originally Posted by woj

plus by mid july they are supposed to have equipment installed to siphon off 90+% of the leak...

huzzzza!

oh wait

[Joshua G]

Originally Posted by Marcus Aurelius

the oil spill is MUCH worse than everyone thinks
the well is constantly gushing out oil and no one knows when and if they will be able to plug it.

some experts say whole Atlantic ocean may be fucked

QFT...Most of the leaking oil is staying deep below the ocean, going god knows where. There is no assurance at all the relief wells will get the job done. thats why they are drilling 2 wells, because 1 might not work.

I hope there is a god & he puts an end to this. Because trusting BP to do it with their track record is downright scary. Not only could a part of the atlantic be fucked, but hurricanes might bring a surge of brown water miles into the gulf coast mainland. Thats when cleanup costs would put BP out of business.

[seeandsee]

this will change nothing, they will fuck it again!

[L-Pink]

Originally Posted by Marcus Aurelius

If BP demands Tax returns to back up damage claims their wont be much to claim.

People like fisherman, Sport Fishing Captains, Bars, Hotels etc are mostly cash businesses that pocket all the cash and only pay taxes on credit card receipts and then load all their personal expenses onto the business to minimize taxes, So all BP has to do is say give me your last 3 years tax returns and we will reimburse you on that basis and the damages go down close to zero.

Very interesting take and a good point.


.

[FreeHugeMovies]

BP isn't going to go bust. Do you think the Govt will allow that to happen? Stupid comments.